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Probate Valuation Guide

Coram James is a firm of art and antique valuers specialising in the valuation of chattels for probate purposes. Our probate valuation team consists of experienced art and antique valuers who have spent many years carrying out art and antique valuations for inheritance tax and capital gains tax calculation. Our probate valuers are fully trained in all areas relating to estate administration and our probate valuations are prepared in accordance with Section 160 of the Inheritance Art 1984.

Coram James is regulated by The Royal Institution of Chartered Surveyors (RICS) which ensures high professional standards and strict codes of conduct. All work is Red Book compliant.

All probate valuations are compiled by a fully qualified RICS valuer, with broad experience and in-depth knowledge of the estate administration process. A draft probate valuation report will be prepared within a week of our probate valuer’s visit and will provide a clear indication of the market value of each relevant item within the estate. The draft probate valuation document will include thumbnail images with clear and accurate descriptions enabling quick identification of items. This also has the benefit of assisting the executors and beneficiaries with various queries concerning family division and other matters such as will amendments (codicils).

Our probate valuation department deal directly with solicitors, administrators and executors to ensure the estate valuation process is dealt with smoothly and professionally and that all high value chattels are accurately valued by our expert probate valuers. An increasing number of probate valuations are being queried by HM Revenue and Customs (HMRC) causing delays and unnecessary expense to executors. Our probate valuation service ensures that professional reports are supplied thus reducing the risk of queries.

Each member of our probate valuation team is an experienced specialist in their field and have worked with either Christie’s or Sotheby’s auctioneers; each have extensive knowledge in all areas of antique and art valuation and regularly deal with solicitors, executors and administrators when preparing valuations of chattels for inheritance tax purposes. Please see About Us to learn more about our art and antique specialists; we are happy to provide professional advice in relation to estate administration and other related areas such as Condition Exemption, Acceptance in Lieu, Rental Agreements and Valuations for Capital Gains Tax.

All probate valuation documents will list items individually with a market value of more than £500 and group the lesser value items together. Our probate valuers will list other items, such as specific bequests, to aid family division. Lesser value items will be clearly listed and valued to ensure the probate valuation report is unlikely to be queried by HMRC.

The final probate valuation document will list the relevant chattels at market levels and will include a final statement summary and inheritance tax valuation certificate. The document will be professionally bound ready for presentation to HMRC. Other copies can be provided as required. Photographs of high value items will be included. Our probate valuation team will be on hand to provide constant support and assistance throughout the process to ensure every aspect is handled smoothly.

All valuations and records are stored securely and in complete confidence.

Our probate valuation fees are highly competitive and we can provide an accurate quotation before any work is carried out. For information on our fees, please contact us.

ADDITIONAL SERVICES

After probate is granted the executors or administrators may decide to sell items from the estate. We have an extensive network of contacts with the leading London and provincial firms of auctioneers and can place art and antiques and other items in the most appropriate market place for best net return. Our antique valuers and art valuers can advise on the most appropriate place to sell.

Some high value items may be subject to Capital Gains Tax; our probate valuation team can provide advice on such matters.

House clearance can also be arranged with one of our associate firms, with discounts arranged on your behalf. We also carry out antique valuations and art valuations for insurance.

We have contacts with reputable house clearance firms who can arrange the removal of all remaining house contents. Our associate firms provide efficient and professional house clearance services for executors and solicitors making the whole probate process a simple and straightforward matter on your behalf.